- Monday, 03 March 2014
Are you thinking of emigrating abroad?
- To escape economic malaise in a market on freefall
- Or, Make a living where your initiative and entrepreneurial talent is in need
The NBFL can facilitate your arrival by providing useful, up-to-date information and guidance on all aspects of how to establish and profitably pursue your enterprise in Nigeria.
Why Nigeria ?
With a population of 162 million people, Nigeria is currently one of the world’s major investment destinations and one of the fastest growing economies in the world. Nigeria received US$8.9 billion of foreign direct investment money in 2011 – 16% of Africa’s total and the highest in Africa.
A burgeoning middle class has created huge opportunities for businesses in consumer markets like financial services, food, energy and telecommunications.
Nigeria offers :
- A large and competitive domestic market with high unmet demand for basic goods and services
- A growing and increasingly sophisticated middleclass
- Untapped abundant natural resources
- A large and flexible workforce
- A population that is innovative and entrepreneurial
- Abundant Resources: Nigeria has enormous resources, most of which are yet to be fully exploited. They include mineral, agricultural and human resources. The key crops, Cassava and Sugarcane are to be commercially grown and processed to produce Ethanol. The vast amount of reserves oil and natural gas is said to be amongst the largest in the world
- Political Stability: Nigeria offers stable political environment
- Free Market Economy: The Government has created a favourable climate for business and industrial ventures. Administrative and bureaucratic procedures have been greatly streamlined. The Government has put in place policies and programmes that guarantee a free market economy
- Robust Private Sector: The country has a dynamic private sector, which has assured greater responsibilities under the new economic environment
- Free Flow of Investment: Exchange control regulations have been liberalized to ensure free flow of international finance. There is now unrestricted movement of investment capital
- Attractive Incentives: A comprehensive package of incentives has been put in place to attract investment
- Fast Growing Financial Sector: There is well-developed banking and financial sector. The investor has easy access to working capital and other credit facilities
- Skilled and Low Cost Labour: There is an abundance of skilled labour at an economic cost, resulting in production costs, which are among the lowest in Africa
- Infrastructure: Rapid development of physical and industrial infrastructure, in terms of transportation, communications, electricity and water supply
Macro-economic facts :
- Inflation is now down to single-digit at 9.0% as of January 2013
- exchange rate is relatively stable
- fiscal deficit of 2% GDP is on a downward trajectory
- Real GDP grew by 6.17 percent in the first quarter and 6.28 percent in the second quarter of 2012 as against 7.13 percent and 7.61percent in the corresponding quarters of 2011.Overall GDP growth for 2013 is projected to be 6.75% well above the projected global growth average of 3.5%
- Non-oil GDP growth has remained stable despite a considerable decline in oil prices and a domestic banking crisis
- As a country of some 170 million people and growing, the size of the Nigerian domestic consumer market is an alluring attribute for any investor
Nigeria holds its rightful position as a sought after business destination and a major target for foreign direct investment. According to the International Monetary Fund (IMF) 2011 report on Nigeria "The Nigerian economy has grown robustly even during the 2008–09 global crisis, partly due to the effective implementation of countercyclical policies. Nigeria's resilience over the course of the global financial crisis illustrated the merits of its immense population and economic self-reliance. Nigeria offers the interested investor Africa's largest domestic market as well as the additional attractions of a low-cost labor pool and abundant natural resources.
Nigeria is Africa’s foremost business destination second only to SA. Its currency is the Naira. $1.00USD is approximately N156. The country operates a market economy dominated by crude oil exports with the revenue earnings from the sector accounting for 90% of forex earnings and 65% of budgetary revenues. Other exports are cocoa, palm oil, groundnuts, cotton, timber and rubber.
Nigeria’s imports are in the region of $14.54billion USD. Import commodities include machinery, chemicals, transport, equipment, manufactured goods and live animals.
The two major cities in Nigeria, Abuja and Lagos have revealed a boom in housing developments and office complexes which has resulted in the emerging real estate industry in Nigeria. The demand for properties continues to rise despite experiencing the emergence of multiple players.
In recent times, focus is being directed at non oil exports and agriculture, which presently accounts for 30% of the GDP, to diversify the economic base. Opportunities exist for the exploitation and export of natural gas, bitumen, limestone, coal, tin, columbite, gold, silver, lead-zinc, gypsum, glass sands, clays, asbestos, graphite, and iron ore, among others.
The Government has been pursuing economic reforms marked by the privatization and deregulation which seek to transfer state ownership of institutions to the private sector and so engender efficiency n the productive sectors of the economy. The reforms have led to an explosive growth in the telecoms sector after years of stagnation.
A well planned network of primary and secondary roads transverse Nigeria and it is served by five major international airports, 20 principal domestic airports, 23 aerodromes and two military airports. The country has six international seaports and 286 jetties (out of which 267 belong to private jetty operators). It also boasts 120 Television stations and 25 National newspapers. Its internet country code is .ng